Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come.
Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed.
It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today.
The Point Behind the Hype
In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to gain adoption outside of the elite tech savvy forums and deep web blogosphere. However, it didn’t stop the white paper from being ultra-relevant, even then. While a large majority of the population still has trouble grasping the real importance behind decentralized currency, crypto still has a massive following- even if it’s just for the value.
But the point behind the currency wasn’t one of monetary worth and gain, instead something a bit more noble. The fallout following the subprime mortgage crisis of 2007, the entire world was looking at a crippled economy and massive recession. Entire countries were devastated following the dubious investments made by US bankers. But it wasn’t just bankers shouldering the blame; but an entire litany of centralized financial mega-players, including regulators, credit agencies, government housing policies, consumers, and many, many more.
What the Bitcoin white paper offered was a better way to take control of personal finance. A more responsible paradigm that didn’t revolve around intermediaries making money- but instead individuals. People. Everyday residents use their finances in the way they were meant to be used. Anonymous, fungible, decentralized money. An immutable public ledger that could be viewed and validated by the people themselves, cutting out the ability to speculate on things like high-risk loans. Removing the system that instigates quantitative easing practices, which often lead to devastating periods of hyperinflation or deflation.
It offered a system that was built, run, and verified by the very people who use it most, with an intrinsic value that only rested on utilization. This was bitcoin. A borderless currency system that didn’t require a credit history, or any history. Just an online wallet and some imaginary coins.
Decentralized, For Your Convenience
While not all of these principles have made the final cut of bitcoin as we know it today, there are still a number of the original values that dictate the way the network behaves. Perhaps the most important being the concept of decentralization.
Cryptocurrencies have brought in the ability for people to self-manage. And it’s not just about finance anymore. Entire businesses are now being built on decentralized platforms, using a democratic structure to exist. Smart contracts are removing arbiters and lawyers. A number of different cryptocurrencies completely extinguish the need to transfer funds into several different currencies before reaching a final destination, which also removes stacks of astronomical fees.
Decentralization could become the norm in the future, which is really just the process of removing middlemen. Putting individuals in a position of greater control, with a much lower likelihood of human error or influence on whatever system is becoming decentralized. While bitcoin brought us the idea of decentralization when it comes to currency, other popular cryptocurrency platforms are beginning to incorporate decentralization with a number of other valuable services.
Many people seem to get a bit twitchy when confronted with the idea of decentralization and “imaginary coins”. However, if you’d like to test the effectiveness of systems already in place, consider what would happen if everyone withdrew all of their money from their bank accounts at once? In America, there already exists a parable for this. It was called the Great Depression. The dollar you hold in your hand has no more “real value” than a bitcoin in your online wallet. The institutions that we put in place to control and safeguard these imaginary dollars? Well, let’s just say that their value isn’t much different, and perhaps oftentimes, much more destructive.
What bitcoin has, and will continue, to offer is a better power structure that eliminates the need for externality. A system that breeds self-sufficiency. Which is arguably something that mankind has been struggling to obtain since the dawn of time. A paradigm in which there are no leaders, just users.
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